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Your trustees

Large funds like the Corporate Selection Suite of Umbrella Funds benefit from professional Independent trustees. They are professional trustees with a vast amount of experience and knowledge of retirement funds. They also serve on the boards of other retirement funds and add value through the experience they have gained when dealing with similar issues faced by other boards.

Meet your trustees

Erika Nieuwoudt

Chairperson - Independent trustee

Erika was appointed in September 2013 and re-appointed in September 2016. She has served as the Chairperson since 1 December 2015.

The funds are managed by a Board of Management. The Board appoints a Principal executive officer who, together with his support staff, is responsible for the day-to-day running of the funds. The trustees are responsible for all the decisions made in the funds and have to ensure that members' and beneficiaries' interests are protected at all times. They are all suitably qualified individuals, and they have access to retirement industry experts and specialists where necessary.

The Board of Management consists of eight trustees. Four of them are fully independent of the funds' sponsor, Liberty Group, while the other four are sponsor-appointed from senior management. They meet regularly to discuss investments, benefits and administrative matters regarding the fund, in addition to the many meetings of the sub-committees.

There are numerous duties imposed by law on trustees. Some of the duties include the following:

Take all reasonable steps to ensure that the interest of members in terms of the rules and provisions of the Pension Funds Act are protected at all times.

Act with due diligence and good faith

Avoid conflict of interest

Act with impartiality in respect of all members and beneficiaries

Trustees must ensure that proper registers, books and records of the operation of the fund are kept, which include proper minutes of resolutions passed by the board.

Trustees must ensure the fund employs proper control systems

Trustees must ensure that adequate and proper information is communicated to members of the fund informing them of their rights, benefits and duties in terms of the rules of the fund.

The trustees must obtain expert advice on matters where they lack sufficient knowledge

The trustees must ensure that the rules, operation and administration of the fund comply with current legislation, including Pension Funds and the Financial Institutions (Investment of Funds) Acts.

Board sub-committees

The board has six sub-committees that provide advice and guidance to the full board. The work of these sub-committees provides direct input to the quarterly board meetings.

Investment sub-committee

The Board of Management appointed an Investment sub-committee to direct and oversee the investments of the funds. The Investment sub-committee makes recommendations to the board regarding the appointment of the funds' investment consultant and managers, as well as investment strategy.

Chris Roelofse

Chairperson

Sponsor Trustee

Martin Kuscus

Independent Trustee

Administration sub-committee

Efficient administration is key to the successful operation of the funds. This sub-committee is tasked with reviewing the administration agreement with Liberty Corporate annually and reporting back to the board on all issues relating to the administration of the funds.

Michael Clifford

Chairperson

Sponsor Trustee

Erika Nieuwoudt

Independent Trustee

Audit and risk sub-committee

This sub-committee advises the board on the funds' finances as well as the risk policy of the funds. It is a requirement of the board that the funds' auditors, PriceWaterhouseCoopers, attend all Audit and risk sub-committee meetings.

Graham Thomas

Sponsor Trustee

Michael Norris

Sponsor Trustee

Communication sub-committee

This sub-committee reviews all communications between the funds, members and employers. The sub-committee works closely with the fund sponsor in developing and implementing the funds' communication strategy.

Martin Kuscus

Chairperson

Independent Trustee

Michael Clifford

Sponsor Trustee

Chris Roelofse

Sponsor Trustee

Legal sub-committee

The Legal sub-committee acts as an advisory body to the board on legal matters affecting the fund and regularly reviews the documents and policies of the funds. This sub-committee also ensures that all practices adopted by the fund sponsor are in line with the rules of the funds and complies with FAIS requirements.

Erika Nieuwoudt

Chairperson

Independent Trustee

Graham Thomas

Sponsor Trustee

Death claims sub-committee

This sub-committee considers all death claims, and provides advice to the board on the distribution of death benefits (based on Section 37(C) of the Pension Funds Act).